Lockheed Martin [LMT] on Thursday said it has agreed to acquire the satellite launch services assets of Astrotech Corp.

[ASTC], a provider of spacecraft launch preparation services.

Lockheed Martin didn’t disclose the deal terms and said they are immaterial. Astrotech said Lockheed Martin is paying $61 million for the Astrotech Space Operations (ASO) business, which has 39 employees, and accounts for almost all of the company’s sales.

ASO's processing facility in Titusville, Fla. Photo: Astrotech
ASO’s processing facility in Titusville, Fla. Photo: Astrotech

ASO had $23.9 million in sales the year-ended June 2013 and $3.1 million in net income. Through the first nine months of its current fiscal year, Astrotech had $10.8 million in sales, with ASO accounting for 99 percent of that.

ASO provides support to government and commercial customers for spacecraft processing in preparation for launch on United States and international launch vehicles. The business has been involved in over 300 successful spacecraft missions.

Lockheed Martin said it is buying ASO to broaden its offerings in space and complement its existing capabilities with satellites.

“Astrotech Space Operations’ expertise in the final states of launch preparation complements our existing capabilities in satellite design, production and integration,” Marillyn Hewson, Lockheed Martin’s chairman, president, and CEO, said in a statement. “This new capability expands our Space Systems services portfolio and enhances the value we offer to current and future Lockheed Martin and Astrotech customers.”

Florida-based ASO will operate as a subsidiary of Lockheed Martin once the transaction closes, which is expected in the third quarter. Lockheed Martin said it expects very little change to ASO’s organization or business models.